The John Graham (Dromore) Limited Pension and Life Assurance Scheme has completed a £16m buy-in with Legal & General (L&G) Assurance Society, securing the benefits of 172 retirees and deferred members.

Isio served as the advisor to the scheme trustees, while legal advice on the transaction was provided to the trustees by Osborne Clarke.

The scheme was an existing client of Legal & General Investment Management, with L&G therefore able to provide a price lock to the scheme’s LGIM funds, ensuring price certainty while the terms of the buy-in were agreed.

L&G also had an existing relationship with the parent company of the sponsoring company, GRAHAM, having previously partnered with them on several construction projects.

According to trustee chair, Michael Graham, this existing relationship made L&G a “natural and compelling insurer” for the trustee to partner with.

“We are delighted to have made this important step with L&G that provides added protection to our members’ long-term benefits,” he stated.

“I would like to take this opportunity to thank my fellow trustees and our predecessors, and our advisors, Isio and Osborne Clarke, who worked seamlessly in providing clear advice and guidance in reaching this positive outcome for our members."

Adding to this, Isio insurance director, Karen Gainsford, said: “Having advised the trustees for a number of years, we are delighted to have played our part in advising the trustees to reach this significant milestone in the scheme’s history.

“It has been achieved through a combination of L&G's competitive pricing, collaboration across advisers and with all parties working closely from the outset to facilitate detailed planning and nimble decision making.

“Whilst the bulk annuity market remains busy, our approach ensures that trustees gain traction with insurers to transact efficiently and with certainty that the objectives of both the trustees and the sponsoring company will be met.”

Indeed, Legal & General retirement Institutional UK PRT director, Matthew Dales, also highlighted the deal as demonstration of the support available to pension schemes of all sizes.

“The trustees worked with us on an exclusive basis and followed our streamlined flow process to ensure a seamless and straightforward transaction,” he continued.

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